 "Coal India Q1 profit up 8%, board takes view on e-auction issue")
Kolkata: World’s largest coal miner Coal India Ltd today reported a 8.1 per cent rise in net profit at Rs 4,033.28 crore on consolidated basis for the first quarter ended June 30, 2014.
The state-run firm had posted a profit of Rs 3,731.04 crore in the same period a year ago.
The PSU reported a consolidated sales of Rs 17,799.54 crore during the quarter in comparison to Rs 16,472.42 crore posted in the same period 2013-14, the company informed the exchanges.
[caption id=“attachment_85854” align=“alignleft” width=“380”]  Representational image. Reuters[/caption]Total expenses rose to Rs 14,036.91 crore in Q1 period of FY15, up from Rs 12,990.12 crore in the corresponding period of FY'14. Coal India’s total production stood at 108.32 million tonnes while offtake was 119.60 million tonnes during the quarter.
Coal India Chairman and Managing Director A K Dubey declined to comment on discussions in the board meeting. However, sources said the board has agreed to send a note to Union Coal Ministry to convey that cut in e-auction coal will lead to revenue loss and also create problems for a section of customers, including some power utilities, who buy from e-auction.
“There was no discussion on hiking coal price,” sources said.
In 2013-14, total e-auction coal sales was 58 million tonne against offer of 67 million tonne. Government had asked to halve the e-auction quantity for the the year. Coal India has also appointed MMTC to import 2.5-3 million tonnes for its customers.
“We have selected MMTC to import coal for our customers to meet 80 per cent of the supply quantity,” CIL sources said. Meanwhile, on standalone basis Coal India’s profit dropped sharply to Rs 1,202 crore during the quarter ended June 14’ against Rs 3,550.60 crore in the corresponding period in 2013-14.
Shares of the company closed at Rs 364.35 apiece on the BSE, up 1.86 per cent from the previous close.
PTI
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